This is a pretty straightforward trade. Looking at hourly chart, cable was coming to a resistance level and price rejections was observed. I went short around 1.5283 (though I wanted to get 1.53 as entry..but..anyway..). Two profit targets were achieved with last portion of position was closed at 1.517 level. Potentially, cable might head to 1.51. Well, let’s see.
Here is the CHART!
Nice trade gav…..I got in at 1.5220, very different startegy to yourself. What was your entry criteria on this trade ?
Nice blog
Cheers Jimmy
Hey James,
Good day. I am basically trading off support/resistance level, and observing price movement/behaviors before making entry. I hate to mention the term 'price action' because it is so commercialized now, and spammed by trading courses.. Anyway, that's how I trade.
Price Action – too true.
Hope you got the EURUSD and JPY trades this morning……they worked really well for me.
Jimmy
Nice blog… and nice trades too.
Hey Gav. how do u determine ya TP ? Is it base of some ratio u work with or wat ?
Care to share ?
For some unknown reasons, your comment was blocked. Just read your comment.
I determine TP by market analysing support/resistance levels in my trading time frame. I know some traders are also using Fib extension to determine TP, you might want to check it out.
thanks for the reply gav. Yeah I do it by fib extension. But also through support resistance